India's V-Mart Retail gains on hopes of earnings recovery led by festive demand

V-Mart Retail

04/10/2023 08:01

** Shares of V-Mart Retail  VMAR.NS   rise as much as 3.83%
to 2,070 rupees apiece
    ** Retailer says posted 8% Y/Y growth in revenue in
September quarter and 12% increase in fiscal first half  
    ** ICICI Securities expects strong recovery in
seasonally-strong second half driven by festive demand, rural
rebound
    ** Accelerated liquidation of fiscal 2023 stocks through
extended end-of-season sales improved inventory health - Motilal
Oswal Financial Services    
    ** Of the 17 analysts tracking VMAR, five have "strong buy"
rating, six "buy," four "hold," one "sell" and one "strong
sell;" median TP is 2,530 rupees - LSEG data
    ** Stock down 30% YTD 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))